Balanced Budget to Support Mineral Explorers through Tax Credits and Investing in Permitting
Vancouver, B.C., Canada – February 21, 2017 – The Association for Mineral Exploration (“AME”) expresses its support of the balanced 2017 budget delivered by B.C. finance minister Mike de Jong today in Victoria.
“As we see initial encouraging signs of a return to investor confidence for the mineral exploration industry, it is imperative that British Columbia is competitive on a global scale and, in particular, nurtures grassroots and early-stage exploration which is vital to the long-term sustainability of the industry,” says Diane Nicolson, Chair of the Board of Directors of AME. “Today’s budget announcement demonstrates that the provincial government is aware of the significant contribution that mineral exploration and development makes to the province, and to its communities and families.”
The budget confirms the extension of the B.C. mining flow-through share tax credit through December 31, 2017 and the expansion of the B.C. mining exploration tax credit to include costs incurred for environmental studies and community consultations as announced by Premier Christy Clark on January 23 at AME’s Roundup conference. Premier Clark also announced $10 million to fund Geoscience BC for two years to stimulate and attract further investment in mineral exploration.
In addition, Budget 2017 includes increased funding of $18 million to the Ministry of Energy and Mines over the next three years to support mine permitting and oversight, including compliance and enforcement.
“We support the increased funding of the Ministry of Energy and Mines that should improve mine permitting in all regions of the province,” says Gavin C. Dirom, President & CEO of AME. “And we thank the B.C. government for its balanced 2017 budget and for confirming the extension and expansion of important tax credits that recognize mineral exploration as the lifeblood of mining,” concludes Dirom.